Color Management Blender geared towards motion pictures ?
So I understand that the color management of Blender is primarily
  geared towards motion pictures / video. Is this correct ? Is this the
  reason that the default for almost everything is sRGB ?


Yes, OCIO is designed for motion pictures, visual effects, and animation.

sRGB is merely a default, and the reasons for this default are largely historical with where Blender borrowed the configurations from.

CM in OCIO is based on the notion of Views and other output transforms that operate independently of the reference data. To fully understand why, how, etc. would require a vastly more complex answer than this simple question touches on.